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Management s Discussion and Analysis of Financial Condition and Results of Operations, are based upon information from government or other third-party publications, reports and websites or based on estimates derived from such publications, reports and websites. Government and other third-party publications, reports and websites do not guarantee the accuracy or completeness of their information.
The business is unprofitable at the operating level (-6.70% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.1% YoY. Margins deteriorated 9.1pp alongside, both lines moving the wrong way.
Free cash flow declined 130% versus the prior year, cash generation momentum has weakened. ROIC dropped from 3.98% to -12.30%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$170M
▼ -3.1% YoY
Net Income (TTM)
-$17M
▼ -197.8% YoY
Op. Margin
-8.38%
▼ -9.1pp YoY
ROIC
-18.25%
▼ -16.3pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$4M
▼ -129.8% YoY
Op. Cash Flow (TTM)
-$3M
▼ -102.6% YoY
Net Debt
$12M
Cash & Equiv.
$15M
5Y CAGR: -0.3%
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